IIROC’s Compliance Priorities Report helps firms fulfill regulatory requirements while protecting Canadian investors

March 10, 2022 (Toronto, ON) – The Investment Industry Regulatory Organization of Canada (IIROC) published its 2021-22 Compliance Priorities Report, Helping Firms with Compliance, which summarizes current regulatory changes and issues that IIROC-regulated investment firms should focus on to protect investors and support healthy Canadian Capital markets.

This year’s report outlines IIROC’s policy initiatives, strategies to continue to support transformation and innovation in the industry, and ongoing efforts and response to the impacts of the pandemic.

2021-22 Highlights:

• Streamlined the existing IIROC Dealer Member Rules and completed the implementation of the Plain Language Rulebook (IIROC Rules).
• Published final amendments to the IIROC Rules required under the Client Focused Reforms.
• Established the Compliance Modernization Group to streamline processes across compliance teams and to create efficiencies for both IIROC and IIROC-regulated firms.
• Issued exemptive relief and guidance where necessary in response to the COVID-19 pandemic, such as client document approvals and timelines for reporting obligations – relief from filing.
• Continued working with the CSA and the Mutual Fund Dealers Association of Canada (MFDA) to make the new self-regulatory organization more efficient, effective and one that ultimately leads to better outcomes for Canadians and for the investment industry.

Priorities stem from regulatory changes, risks and trends identified in firms’ business conduct, financial operations requirements, trading practices, as well as registration and membership filings and disclosures.

“The regulatory landscape continues to shift rapidly, resulting in many changes for Dealer Members, their employees and the clients they serve,” said Victoria Pinnington, Senior Vice-President, Market Regulation, IIROC. “IIROC has maintained its focus on investor protection and market integrity, and we are pleased that IIROC-regulated firms continue to demonstrate flexibility and adaptability throughout another challenging year.”

“Together with our supplemental materials, regular contact with firms, annual compliance conferences and other forums, IIROC’s Compliance Priorities Report helps firms focus their supervision and risk-management efforts to comply with IIROC’s regulatory requirements in a way that is appropriate for their business models,” said Irene Winel, Senior Vice-President, Member Regulation and Strategy, IIROC.

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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.